The following is a summary of the MFA Financial, Inc. (MFA) Q1 2024 Earnings Call Transcript:

Financial Performance:

• MFA Financial posted distributable earnings of $0.35 for the first quarter.

• The company added $650 million of high-yielding assets, mainly from Lima One, with an average coupon rate of 10.4%.

• A minor impact of higher interest rates was observed with GAAP and economic book value decreasing by 1.3% and 1.7% respectively.

• MFA executed securitizations of $193 million and $365 million.

• The company successfully raised $190 million through two bond issuances.

• A $200 million share repurchase program was authorized and a $300 million at-the-market program was also set up.

• The estimated decrease in economic book value is approximated to be 1% due to higher market interest rates post quarter-end.

Business Progress:

• MFA focused on Lima One for high-yielding asset acquisitions.

• They issued the fourth unrated revolving securitization of transitional loans originated by Lima One.

• The company saw attractive loan opportunities and expanded their loan portfolio.

• MFA displayed confidence in the company's future earnings capability, bolstered by steady net interest income and crossing the $10 billion portfolio benchmark.

• The company is exploring the possibility of recycling capital by calling older securitizations in the next two-three years due to changing market conditions.

• Lima One proved to be a valuable acquisition with a diverse product set and robust pipeline.

• MFA announced a stock repurchase and ATM program, with no immediate use planned.

• The loan extensions in their transitional book increased from 9% to 12%, which is considered a normal operational uptick.

More details: MFA Financial IR

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